Unit 3 World News: Economic Developments
Part I Warming up A
1. Who have been meeting in Hong Kong today to discuss the outlook for the global economy
Central Bank governors from more than a dozen countries. 2. What does UNCTAD say about the worldwide total of foreign investment It grew by 40% last Year to more than 600 billion dollars. 3. Who has approved a cut in income tax rates The United States House of Representatives. 4. Who has announced job cuts after a fall in demand for its products Intel What is its plan
To reduce its workforce by5,000. 5. What decisions have been made by EU, the U.S. and Canada after a case of foot-and-mouth disease was confirmed in France
EU has imposed further restrictions on the movement of livestock. The U.S. and Canada have issued temporary bans on the import of animal produce from EU. Tapescript:
1. Central Bank governors from more than a dozen countries have been meeting in Hong Kong today. One subject they likely discussed is the outlook for the global economy because of the U. S. slowdown and Japan's struggling recovery. Another topic they may have discussed is how to strengthen financial markets in emerging economies in Asia and elsewhere.
2. A United Nations' report says the worldwide total of foreign investment grew by nearly 40% last year to more than 600 billion dollars. The report by the UN
Conference on Trade and Development, UNCTAD says most of it took place between developed countries as big companies took one another over.
3. The United States House of Representatives has approved a cut in income tax rates, the first part of a package of tax cutting measures put forward by President Bush. The income tax reductions will amount to nearly 1 trillion dollars over ten years.
4. The world's largest maker of computer chips, Intel, has announced job cuts after a fall in demand for its products. Intel said it expected its revenue in the first quarter of this year to fall by a quarter than the same period last year. The California-based company plans to reduce its 85,000-strong work force by 5,000.
5. The European Union has imposed further restrictions on the movement of live-stock after a case of foot-and-mouth disease was confirmed in France. The United States and Canada have issued temporary bans on the import of all animal produce from EU countries. B
1. Foreign exchange rates:
1 dollar = German marks
= Japanese yen
1 pound = dollars Share Index
Dow Jones (up to) 6,783 (+45)
London’s 100 (up to) 4,390 (+20) Nikkie closed 2. Share Index:
Dow Jones 10,116 (+96) Standrd and Poor’s 500 1,254 (+6) NASDAQ: %) 3. Share Index:
Dow Jones 8,094 ( - 66 )
NASDAQ 1,662 (- 3 ) FT100 ( -36 )
CAC Quarante ( -33, -1% )
DAX ( -1% ) 4. Most active stocks:
Cable and Wireless HKT up $
HSBC down $
Hutchison down $
Shanglongkai Property up $ China Telecom down $
Chang Kong down $
Pacific Century Cyberworlds down $ CCT Telecom down $
New World CyberBase down $ Hanong Holdings down $ Gold prices:
Hong Kong gold: HK$ 2,670 London gold: US $ 289 5. Earnings:
Philips Electronics (last year): $ billion ($ 300 million) Royal Dutch Shell (4th quarter): $ billion Electronic Data Systems (4th quarter): $ per share ( $ up)
Tapescripts:
1. The dollar is trading at one German mark seventy-three point three and at Japanese yen. The pound buys one dollar sixty-two point four. In New York, the Dow Share Index closed 45 higher at 6,783. Earlier London's 100 Share Index ended 20 higher at 4,390. In Tokyo, the Nikkei Share Index is closed for a holiday.
2. The Dow Jones Industrial Average closed up 96 points at 10,116. The Standard and Poor's 500 Index gained 6 points to close at 1,254. But the NASDAQ Index lost % as high technology and Internet stocks were battered.
3. Right now the Dow is down another 66 points at 8,094; the NASDAQ Composite down 3 points at 1,662. Turning to Europe's major markets: London stocks were hit
by a wave of profit taking after five straight record closes; the FT 100 Index down 36 points; Paris seeing losses as well, the CAC quarante down 33 points or 1%; and Frankfurt's DAX also fell 1% after briefly moving into record territory.
4. The Hang Seng Index closed down 89 points at 3,521. The turnover was billion dollars. Now look at the ten most active stocks. Cable and Wireless HKT up 45 cents, HSBC holdings down 50 cents, Hutchison down 50 cents, Shanglongkai Property up $, and China Telecom down $, Chang Kong up 25 cents, Pacific Century Cyberworlds down 10 cents, CCT Telecom down cents, New World Cyberspace down cents, and Hanong Holdings down 25 cents. The Hang Seng Index future for November and December were all down. Hong Kong gold closed at 2,670 Hong Kong dollars, and London gold is trading at 289 . dollars.
5. Consumer electronics maker Philips Electronics reported a lower than expected profit for last year. The company made about $ billion, more than $300 million below estimates. Oil company Royal Dutch Shell posted its earnings. It made roughly a $ billion profit for its fourth quarter. That was essentially in line with Street expectations. Electronic Data Systems also reported its fourth quarter numbers last night. It posted a 70-cent profit per share, two cents better than expectations.
Part II News reports A Summary:
This news report is about Forbes's \"Super 100 Global\" list. Answer the questions:
1. Which of the following corporations are the top five on Forbes's list Mark their ranks. 2 Citigroup 4 HSBC Banking Company -- BP-Amoco 5 Daimler-Chrysler 1 General Electric Corporation n Microsoft 3 Bank of America 2. How are the companies ranked
The companies are ranked with a composite formula, which includes total sales, profits, assets and market capitalization, or the total value of their stock. 3. How are the 100 companies distributed 46 in the United States, 54 in Europe and Japan. 4. Why were none of the Internet-related firms included in the list Because most of the Internet-related firms have little or no profits so far. Tapescripts:
For the second year in a row, the General Electric Corporation is ranked number one in an annual survey of the 100 most powerful corporations in the world. The survey, compiled and published by Forbes business magazine, shows General Electric of the United States ranked number one, followed in second and third place by the U.S. banking and financial services giants Citigroup and Bank of America. In fourth and fifth place are the British-based HSBC Banking Company and
Daimler-Chrysler, the German-American auto-company. The companies are ranked with a composite formula, which includes total sales, profits, assets and market capitalization, or the total value of its (their) stock. What the magazine calls its \"Super 100 Global\" list are 46 companies based in the United States and 54 in Europe and Japan.
Mike Ozanian, the Forbes editor who compiled the list, says there is a growing trend of international mergers and acquisitions, citing companies such as Daimler-Chrysler and BP-Amoco, the Anglo-American Oil Company. Mr. Ozanian says that despite the huge capitalizations of many Internet-related firms, none were included because most have little, if any, profits -- at least not yet. B Summary:
This news report gives us a general picture of the U.S. stock market. It also presents some analysts' views on the market.
Statements:
1. The Dow Jones Industrial Average went up less than one percent, to 10,546. 2. An analyst said that sales growth at Intel could be stronger than expected. 3. Retail stocks gained on stronger-than-expected sales because of the Thanksgiving holiday shopping season. 4. Sales of existing homes fell a steep % in October, their second monthly decline. 5. According to investment strategist Alan Skrainka, this is a very good entry point for a long-term investor to get into the market. Tapescript:
U.S. stock prices were mixed on Monday, with the \"blue-chips\" in a rally mode. But volume was only moderate after a holiday-shortened week last week, showing lingering uncertainty among investors.
The Dow Jones Industrial Average went up 75 points, less than one percent, to 10,546. The S & P 500 Index gained 7 points. But the NASDAQ Composite backed off an early rally, taking a loss of almost one percent on weakness in selected technology stocks.
The Dow Industrials actually got a boost from their technology components. Shares of Intel traded higher after an analyst said sales growth at the leading computer chip-maker could be stronger than expected. Microsoft stock also edged higher. Retail stocks gained on stronger-than-expected sales over the Thanksgiving weekend, as the holiday shopping season got underway.
However, analysts caution the retail picture is still clouded because many stores offered bargains to attract shoppers. Experts worry that higher oil prices and interest rates will make this a less than merry Christmas season for U.S. merchants. The latest on the U.S. economy points to slower growth. Sales of existing homes fell a steep percent in October, their second monthly decline.
Many analysts think uncertainty over the economy makes it increasingly likely that the major stock averages will close lower for the year. But investment strategist Alan Skrainka says the longer-term looks better.
\"No one can guess what will happen to the market over the next month. But over the long-term, we think the market looks very good. If you're a long-term investor, this is a very good entry point for getting into the market because this is what you've been waiting for. All the fear and uncertainty in the marketplace is setting us up for some very good values in the market.\"
Part III Voice mail may cost company’s business A
Jud Jessup (TakeCare HMO): …personalized service…”high service”…getting a recording…efficient…cost effective… …individual problems….
Stanley Plogue (Plogue Research): …a fourth…let out…voice mail system…given up… Sandy hale (Pacific Bell):… bottom line…costs…more efficient…customer service operations…a valuable tool. B 1. T C
3. Five years ago, people were wary of voice-mail. 4. TakeCare used a funny voice-mail message in its advertisements. 6. Voice-mail decreases contact between customers and companies. 7. The problem is not the technology, but the voice-mail menus.
Part IV Business jargon A
1. …language shorthand….
2. …overuse business jargon…a negative effect…
3. …a low opinion…management jargon…a third…a lack of confidence…one in five …untrustworthy…cover something up.
4. …an effective boss…can easily understand…of management jargon.
2. T
3. F
4. F
5. T
6. F
7. F
8. T
9. T
10. T
B
1. T 2. T 3. F 4. F 5. F C
1. blue-sky thinking: imagine new or different ways of doing things 2. get our ducks in a row: have everything arranged efficiently 3. brain dump: tell everything you know about a particular subject 4. think outside the box: be creative in how you think about problems 5. the helicopter view: an overview 6. a heads up: a warning 7. that’s a real no-brainer: that’s simple
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